Oversupply continues to hurt the UAE's property market with 18,000 new homes expected to hit Dubai's market by year end and rents in Abu Dhabi dropping 9 percent in the second quarter, reports showed.
Some 2,000 homes were completed in Dubai in the second quarter and another 18,000 will be ready for occupancy by the fourth quarter, a report from property consultancy Jones Lang LaSalle said, adding that total current residential stock will rise to around 322,000 homes.
Office supply in Dubai is expected to grow by more than 30 percent over the next three years, it said.
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